Next Street and Common Future partnered with Progress Playbook, CGR Consulting, and a collection of local stakeholders in New York City to examine the state of the city's small business communities and supporting ecosystem, with a specific focus on local businesses owned by people of color and the COVID-19 response and recovery.

This assessment culminated in a set of recommendations and a proposed path forward aimed at significantly narrowing racial gaps in business ownership, revenue, and employment across all of New York City within five years, with the long-term goal of closing these racial gaps. There was an opportunity to meet small businesses owned by people of color where they were, providing them with capital, services, and opportunities that had a transformational impact on their businesses, and creating wealth and vibrancy in their communities.

With the financial support of JPMorgan Chase & Co., Next Street and Common Future studied New York City’s unique economic and social context and the state of the city's small business communities, identifying critical needs in equitable access to capital, customers, and services. The research was then synthesized and shared with a coalition of over 45 local stakeholders, led by Progress Playbook and CGR Consulting, to inform strategies co-created to address the historical inequities for small businesses owned by people of color, which were deepened by the COVID-19 crisis.

This research approach spanned across nine cities and regions across the U.S. throughout 2020 and 2021 and was centered around community engagement and fostering a network of relationships among local community organizations and leaders to catalyze solutions focused on racial equity and recovery from the COVID-19 pandemic.

On November 17th, Next Street and Common Future hosted a learning event to share findings from the report and introduce some of the small businesses and other stakeholders involved in the assessment. You’ll find a recording of the event below.